SBI eSports Signs Pro FIFA and Super Smash Bros Ultimate Players; Will Be Paid in XRP

SBI eSports, a subsidiary gaming venture of Japanese financial giant SBI Holdings, has signed two professional players to its e-team. In an official announcement made on 16th October, the SBI e-sports subsidiary also revealed that they would be paying its player’s salaries in XRP.

Back in September, the firm revealed that they were planning on paying their player’s salaries in cryptocurrencies. The official announcement read,

“The company aims to raise awareness of the SBI Group by strengthening contact points with the digital generation, and to create synergies with the various financial services businesses of the SBI Group.”

The payment of salary in the digital token would be facilitated via SBI’s crypto-asset trading division called SBI VC Trade. However, the final decision to accept salaries in XRP tokens would lie in the players’ hands. The official signing read,

“Players will be paid in the crypto asset ‘XRP’ instead of Japanese yen based on the wishes of the player and the sponsorship contract with SBI VC Trade Co., Ltd.”

The two pro players signed by the SBI eSports include one of Japan’s top pros in the Nintendo Switch fighting game, Super Smash Bros, Ultimate player Kenji “Ken” Suzuki, and FIFA 21 player Subaru “Mikey” Sagano, who has represented the German soccer club 1. FC Nürnberg.

The signings made by the SBI e-Sports is one of a kind because of the digital asset salary clause, which was not only highlighted in the official announcement but also in the personal tweets made by the signed players.

SBI to Conduct a Security Token Offering for SBI eSports

The SBI Group is also set to conduct a security token offering for the eSports subsidiary expected to occur on October 30. The offering would see 1000 total shares up for grabs valued at 50,000 yen (about $475) per share.

SBI Group is a Ripple partner and one of the significant stakeholders in the digital asset firm.

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Author: James W

SBI Holdings Buys Japanese Crypto Exchange, TaoTao, Just Days After Binance Deal Failed

  • SBI Holdings announces the acquisition of Japanese crypto exchange, TaoTao Inc.
  • TaoTao announced on Monday that an agreement with Binance had failed.

In an announcement on Wednesday, TaoTao Inc., a Japanese based crypto exchange funded by Z Holdings (formerly Yahoo! Finance), was wholly acquired by the Japanese conglomerate, SBI Holdings. The conglomerate is celebrating its second licensed cryptocurrency exchange, as it aims to dive deeper into digital currencies.

According to the statement, SBI Holding’s derivatives and foreign exchange wing, SBI Liquidity Market, acquired 100% of the issued shares on TaoTao, the latter becoming a wholly-owned subsidiary of SBI Holdings.

“We are pleased to inform you that we have decided to become a wholly-owned subsidiary of SBILM,” TaoTao statement.

The Japanese based Financial Service Authority (FSA)-licensed exchange joins SBI VC Trade, SBI’s crypto-focused venture capital arm, as the second licensed exchange owned by SBI Holdings. Both entities will provide crypto trading services to customers across Japan and build on the crypto ecosystem experience.

Following the acquisition, TaoTao aims at maximizing the strengths provided by SBI Group to provide customers with “the latest, safe and secure crypto asset trading services,” the statement further reads.

While no official reports have been released on the deal’s value, sources close to TaoTao claim the total fee could rise to 2 billion Japanese yen, or approximately $19 million.

Binance deal with TaoTao fails.

The news comes barely 48 hours after the Japanese crypto exchange announced that the Binance deal to acquire it had failed. According to the report, the world’s largest crypto exchange was in discussions to buy TaoTao, but the deal fell through with no explanation offered.

Following the failed partnership, it is unlikely that Binance will revive its services to Japan residents this year after abandoning its services due to tough regulations from the FSA.

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Author: Lujan Odera

Japanese Financial Services Giant SBI Holdings To Give XRP As Shareholders Benefit

SBI Holdings, the crypto-friendly financial institution, is set to provide its shareholders with an option of receiving their benefits in form of XRP.

On Friday, SBI Holding announced that shareholders will have the option of receiving their benefits in XRP as well as any other product provided by its SBI Alapromo, a subsidiary of the company that deals with cosmetics and health food.

According to the new scheme, fresh shareholders who are not one year old in the firm’s registry will have the option of receiving XRP worth 2,000 yen (about $18). Additionally, shareholders who have held the company’s stock for more than one year can receive XRP worth 8,000 yen or $73.50.

Alapromo also provides alternatives to the shareholders where they can receive health supplements, cosmetics as well as brown rice powder. All the shareholders will have the advantage of a 50% discount on all the cosmetics and supplements produced by the subsidiary.

SBI also gave out conditions on those who would prefer to get their benefits as XRP. the shareholders must be Japanese residents and own an account with VC Trade, SBI owned crypto exchange. VC Trade was started in 2018 boasting as the maiden crypto exchange supported by a major global bank.

SBI Holdings has been a key supporter for the mainstream adoption of crypto as well as usage of blockchain to offer business solutions. Apart from the crypto exchange platform, SBI also has a crypto mining firm which is reportedly developing arguably the global’s largest Bitcoin mining farm in Texas.

SBI Holdings has also teamed up with Ripple to form a joint blockchain venture that is actively developing XRP. the two firms have also come up with Money Tap which allows people to easily transfer money. The project has seen endorsement from various Japanese banks.

SBI Holdings has previously offered its shareholders an option to receive their benefits in XRM. last year in August, MorningStar Japan, an SBI subsidiary, gave out its dividends using XRP.

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Author: Joseph Kibe

Japanese Giants, SBI and GMO, To Mine Cryptocurrencies At Worlds Largest Mining Center In Texas

SBI and GMO will soon start to extract Bitcoin at Whinstone Inc., a Northern Bitcoin AG subsidiary located in Rockdale, Texas.

Northern Bitcoin is the largest crypto mine in the world, but SBI and GMO may help it to get even bigger by bringing in new investors. In the past few years, it has decided to move from mining Bitcoin on its own to operating mines for big investors in order to protect itself from changes in prices. Besides, major leasing contracts are known to increase profits and revenue.

Northern Bitcoin Rockdale Center Operating at a Very Large Capacity

Based in Frankfurt, Northern Bitcoin has last month said its Rockdale data center will initially operate at a 300 megawatts capacity, being scheduled to reach 1 gigawatt by the end of 2020. This means it will have a capacity three times bigger than China’s Bitmain Technologies, which is at the moment the largest crypto mine in the world and located in the former Alcoa Corp building.

Rockdale Is Famous for the Many Crypto Mines It Hosts

Rockdale hosts many crypto miners, not to mention others like the US startup Layer1 are planning to set up site in West Texas. Texas is attractive to crypto enthusiasts because it has renewable and affordable energy. Last year, 20% of its electricity was generated by wind.

While Bitcoin mining used to be very simple in 2009 when the crypto world has just begun, it has now become more complicated, as miners are competing by solving mathematical problems in order to process Bitcoin blockchain transactions and to receive rewards in coins. However, electricity has always been needed for crypto mining, and Texas seems to have plenty.

SBI and GMO Are Notable Investors

SBI and GMO are important Bitcoin investors and mark their entry on the market at a time at which Bitcoin had a very interesting past year, gaining about 95% in spite of its high volatility. While adoption rates are increasing and crypto enthusiasts are migrating to decentralized currencies, analysts and investors are expecting greater gains in the year that has just started.

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Author: Oana Ularu

RippleNet Partner SBI Remit Reveals Cumulative Remittances Has Exceeded $7.3 Billion

SBI Remit Inc., which officially functions as the Ripple Partner made headlines on 16th December after announcing that its aggregate transmittals had bypassed the ¥800 billion mark. The transmittals department of SBI also made the same announcement through a blog post.

In the post, it noted that since SBI was launched 9 years ago, its overall user base has risen from 650,000 users to close to 2.73 million. This reflects the number of users on the platform by the end of last year. The increase in its customer numbers has, in turn, helped to drive the organization’s remittance market.

RippleNet and SBI Partnership

SBI had entered into a partnership agreement with RippleNet that would see the former make use of the cross-border money transmission services as well as the DLT provided by its partners. By using the services provided by RippleNet, SBI would now be better placed to narrow the divide between Vietnam and Japan.

As of 4th November 2019, Tien Phong Commercial Joint Stock Bank and SBI were in a tie. The partnership also served as a first for Ripple as its technology was used to infiltrate a new nation-state. Nguyen Hung, the TP Bank CEO at the time stated that:

“SBI AND TPBANK ARE WORKING TOGETHER TO TRY AND APPLY THE BLOCKCHAIN PLATFORM TO UNIVERSAL TRANSACTIONS.”

“WITH ITS DECENTRALIZED, TRANSPARENT, AND FLEXIBLE NATURE, BLOCKCHAIN WAS BETTER PLACED TO HELP IN ENHANCING TRANSACTION NETWORKS.”

Ripple and SBI had begun a combined undertaking that they referred to as ‘SBI Ripple Asia’ that they hoped would assist them to strengthen their new partnership. The undertaking was intended to see the two companies start to offer a payment platform to money transfer companies supported by the Distributed Ledger Technology.

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Author: Daniel W

Japan’s SBI Holdings to Use Ripple’s XRP On-Demand Liquidity For International Remittances

SBI Holdings, the Japanese banking giant, has recently published its latest report. In the document, the company talks about its strategies and reports its latest plans. One of them is to use Ripple’s XRP tokens for international remittances that will be made between Japan and the Southeast Asian region.

According to the company’s report, the SBI Remit service will use Ripple’s On-Demand Liquidity services (known before as xRapid). Initially, SBI Remit has used MoneyGram to send money overseas, but some changes will be made. So far, the service has sent out over $7 billion.

Back in June, a partnership was started with Ripple to send money to Mexico. This is possibly why the partnership has been stronger since then and now the two firms are going to tighten it even more.

Half of the payments made by SBI Remit will be covered by SBI Ripple Asia, a subsidiary of the company, which was created after the partnership with the crypto company. It is fair to note that SBI is also a “crypto” company right now, as it has recently launched the VCTrade, a cryptocurrency exchange platform based in Japan.

Right now, SBI is trying to get Japanese banks on board of its initiative. So far, the Suruga Bank and the SBI Sumishin Net Bank are already a part of it.

In related news, the banking holding institution has recently launched another product called Money Tap, which is set to be a mobile app for money transfers, also powered by Ripple. If the situation continues this way, SBI and Ripple will have a long-standing partnership to offer solutions for Asian clients.

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Author: Gabriel Machado